IM Ingram Micro Inc. (delisted)

By Josh Beckerman 

Lexmark International Inc. has struck a deal to be sold to buyers including China-based Apex Technology Co. and Asia-focused PAG Asia Capital, in a transaction with an enterprise value of about $3.6 billion.

The Wall Street Journal reported in October that the maker of printers, enterprise software and hardware was exploring alternatives including a possible sale.

Chinese buyers have been active in overseas deal activity this year, a trend analysts have attributed to factors including a slowing Chinese company and a weakening yuan.

Technology distributor Ingram Micro Inc. agreed to a $6 billion offer from a unit of Chinese conglomerate HNA Group, while China National Chemical Corp. reached a $43 billion deal for Swiss agriculture firm Syngenta AG.

Lexmark shares were up 12% in late trading to $38.97. The deal is worth $40.50 a share.

The consortium also includes Legend Capital, the venture-capital arm of China-based Legend Holdings.

Apex makes inkjet and laser cartridge components.

PAG Asia Capital is the private-equity business of PAG, an investment firm that also has real estate and absolute return strategies.

Lexmark, which posted $3.55 billion of revenue last year, has gone on an acquisition spree, snapping up a number of software assets, to lessen its dependence on the fiercely competitive printing business and move more toward services and software.

The company, like others in the technology industry, has spent years wrestling with a maturing hardware market.

On Tuesday, Lexmark said "this is an exciting transaction" that the board "believes is in the best interests of our shareholders following an exhaustive strategic alternatives review process to maximize value."

Lexmark will remain in Lexington, Ky., and Chairman and Chief Executive Paul Rooke is expected to continue leading Lexmark after the deal closes.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

April 19, 2016 19:30 ET (23:30 GMT)

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